semp223

semp223

Generally speaking, when price rejects a level more than once it is considered support and resistance. Markets spend most of their time in ranges trading between these key levels. On this particular pair, I am looking for buy signals that could lead us into a trend change on the daily chart targeting a move back up to the very top of this range.

semp223

FX:USDJPY

semp223 Updated 

There is a long tailed bar with a small real body ( pin bar ) at key resistance in a downtrend. That is 3 areas of confluence. Placing a sell order below low of pin bar . Stop placed above the high of pin bar . Targeting area key support. Risk reward 1:2.